以下文章授权转载自公众号： 通俗解释 ，作者 谢幺。 俗解释 ，作者 谢幺。 有粉丝私信让我聊聊「稳定币」。 以下文章来源于通俗解释 ，作者谢幺 通俗解释 . 最终解释权归通俗所有 我猜可能是因为两个事，让大家最近关注这个东西： 一是《香港稳定币条例》即将在8月1日生效，听说蚂蚁集团和京东金融已经赶着去申请稳定币牌照了。 （点击↑↑ 上图查看路演详情 ）以下文章授权转载自公众 号： 通 我觉得要想真正理解 「稳定币」 ，肯定得知道，这玩意儿最开始是怎么流行起来的。 二是美国有一家做稳定币生意的公司最近上市了，股价蹭蹭涨。（可参考： 稳定币站上最强风口！5股获机构持仓超50亿！最新机构持仓曝光！ ） 所以大家就好奇：稳定币到底是什么？或者说，是个什么生意。（ 点此一键查看路演 ） 在2017年9月4日之前，一个中国的普通老百姓想买到加密货币，难度就跟充话费差不多。 只要在加密货币交易所的App里支付一笔钱，立刻就可以得到对应价值的币。 也正因为这个操作太简单，很多老百姓甚至大爷大妈都被忽悠买币。 2017年前后，各路牛鬼蛇神都跑出来发行加密货币，什么鸡币、牛币、马币、屎币、傻币，各路山寨币冒出来，挂到交易所里卖 ...

Core Insights - Circle's successful listing on the NYSE has elevated the interest in the cryptocurrency market, particularly in stablecoins, indicating a maturation of the stablecoin sector and a shift in regulatory environments [1][3] - The listing saw Circle's stock price surge by 168% on its first day, reflecting strong market confidence in stablecoin operations and prompting traditional financial institutions to reassess their stance on cryptocurrencies [1][3] Regulatory Environment - Global attitudes towards cryptocurrencies are increasingly polarized, with stricter regulations emerging, particularly in the U.S. where legislation like the STABLE and GENIUS Acts are being proposed to clarify reserve requirements and compliance obligations for stablecoin issuers [3] - In contrast, regions like Hong Kong and Singapore are actively developing regulatory frameworks for stablecoins, with Hong Kong set to implement a Stablecoin Ordinance in August, mandating licensing and strict oversight [3] XBIT Decentralized Exchange - XBIT has established a unique trading ecosystem utilizing advanced blockchain technology, enabling all transactions to be executed on-chain through smart contracts, which enhances efficiency and reduces reliance on intermediaries [4] - The platform prioritizes user privacy by allowing transactions without registration or KYC requirements, ensuring users maintain control over their assets while keeping transaction records anonymous [4] Compliance and Innovation - XBIT is exploring compliance pathways through mechanisms like open-source smart contract audits and real-time transaction data on the blockchain, aiming to eliminate manipulation risks and maintain a 0% vulnerability rate in its audited smart contracts [6] - The platform employs zero-knowledge proof technology to balance privacy with anti-money laundering needs, potentially serving as a regulatory model for global authorities [6] Market Positioning - XBIT has identified the rising trend of meme coins and created a dedicated platform for trading these assets, covering popular coins like DOGE and SHIB, thus catering to diverse user demands [6] - To enhance user engagement, XBIT has implemented community-driven strategies, including trading competitions and educational initiatives, to foster a deeper understanding of meme coin culture [6] Future Outlook - In the context of Circle's market impact and tightening regulations, XBIT's technological advantages and market focus position it well for sustainable growth in the evolving cryptocurrency landscape [6][7] - The company aims to balance technological advancements, compliance efficiency, and user growth to navigate the competitive and regulatory challenges in the cryptocurrency trading sector [7]

今年3月，我去了一趟新加坡。这几年，那里一直是全球Web3最热火朝天，也是最龙蛇混杂的地方。但这次去，似乎冷清了不少。 怎么回事？原来，他们好多人，都把阵地转移到了：香港。转移的原因，和最近特别火的一个词有关：稳定币。 先看《稳定币条例》。 根据条例第3条款，稳定币被定义为：一种基于分布式账本技术的加密数码价值。价值参照单一或一篮子资产（如官方货币）以维持稳 定，并意图被公众接受为交易媒介。 什么意思？ 打一个笼统的比方。你一定去过游戏厅。推门第一件事，就是换游戏币。掏100块钱，换100枚游戏币。游戏币，就是你在游戏厅里的"稳定币"。因 为它价值稳定，被所有游戏机接受。走的时候，你还能再去服务台，把剩下的退掉。 稳定币的逻辑，也很相似。区块链，就像一个"全球游戏厅"。发行商，就像服务台。他必须要实打实地存1万元（抵押资产），才能在区块链上发行 1万稳定币（就假如叫R币）。一枚R币，能买一颗白菜。如果哪天你怀疑，一枚R币买不回一颗白菜，随时可以拿着R币来兑钱。 和安全资产1:1的刚性兑付承诺，就是"R币"被信任的基石。也是未来京东、蚂蚁可能发行的稳定币，能被信任的基石。 这游戏厅听起来不错。但如果服务台不靠谱 ...

大家周末愉快，一起来简单看下美股市场的表现。 当地时间周五，受美联储理事沃勒鸽派发言影响，美股一度走高，随后有所回落，最终三大指数 中仅道指收涨。本周，道指涨0.02%，标普500指数跌0.15%，纳指涨0.21%。 02 "稳定币第一股"再度暴涨20%！ 市场焦点集中在美联储降息议题上， 不过美联储官员之间也存在分歧。并且特朗普在社交媒体上 再度炮轰鲍威尔： "如果他把利率降到应有的水平——1%至2%，这个'笨蛋'每年能为美国节省 多达1万亿美元。" 一起来看具体情况。 01 大分歧！ 美联储官员降息观点不一 美东时间6月20日周五，美联储的"当红理事"沃勒， 他认为最早7月的下次美联储FOMC货币政 策会议上就可以降息。 沃勒在讲话中淡化特朗普政府关税对通胀的冲击。他认为，应该忽略关税对物价的一次性影响。 他强调，如果开始担心劳动力市场下行风险，那现在就得行动，"为什么我们要等到它真正崩溃才 开始降息？" 不过里士满联储主席巴尔金称，他认为FOMC不急于降息。尚未准备好排除关税带来的通胀风 险。如果美国通胀飙升，不能忽视，物价指数仍高于目标。目前数据中没有紧急因素需要美联储 降息。此外旧金山联储主席戴利预 ...

Core Viewpoint - Circle, known as the "first stock of stablecoins," has seen its stock price surge over 650% since its IPO, with a recent increase of over 20% following the passage of the GENIUS Act by the U.S. Senate, which establishes a federal regulatory framework for dollar-backed stablecoins [1][3]. Group 1: Stock Performance - Circle's stock price rose to $240.28, marking a cumulative increase of over 675% from its IPO price of $31 [3]. - The stock experienced a nearly 30% increase on the day the GENIUS Act was announced [3]. - Analyst Jeff Cantwell from Seaport Research Partners has initiated a "buy" rating for Circle with a target price of $235, anticipating significant growth in the stablecoin market [3]. Group 2: Market Potential - The stablecoin market is projected to grow from $260 billion to $500 billion by the end of 2026, with a long-term potential of reaching $2 trillion [4]. - Circle's USDC stablecoin currently holds a 29% market share, second only to Tether's USDT, and is expected to see expanded use cases as more businesses adopt stablecoins for financial management and payments [4]. - Circle is developing financial infrastructure to attract more enterprises and customers into the cryptocurrency space, with its Circle Payments Network facilitating real-time cross-border payments [4]. Group 3: Business Model Challenges - Circle's revenue is heavily reliant on interest income from reserve assets, which accounted for 95%-99% of total revenue over the past three fiscal years [5]. - A decrease in interest rates by 25 basis points could reduce Circle's projected EBITDA by approximately $100 million for 2026, necessitating a 10% increase in stablecoin adoption to offset this impact [5]. - The company incurs distribution fees to partners like Coinbase, which further pressures profit margins [5]. Group 4: Market Sentiment - Circle is viewed as one of the few pure stablecoin investment opportunities, with competitors like Tether not publicly traded and Coinbase being more of a partner than a direct competitor [6]. - The significant valuation increase raises questions about the sustainability of its 650% price surge, driven more by market optimism than by substantial improvements in fundamentals [6]. - Cantwell compares the current state of the cryptocurrency and stablecoin markets to the fintech industry in 2016, suggesting that while still immature, there are substantial growth opportunities ahead [6].

Group 1 - President Trump expressed his desire for Congress to pass the stablecoin regulation bill without any additional provisions, increasing the likelihood of its swift passage but reducing the chances for broader legislation that cryptocurrency companies like Coinbase have been advocating for [1] - The Senate recently passed the "GENIUS Act," which clarifies regulatory authority over stablecoins and sets specific reserve asset requirements, with bipartisan support [1] - There is a significant divide in Congress regarding more complex legislation related to digital asset exchanges and whether certain cryptocurrencies should be regulated under securities laws, while the stablecoin bill has achieved broader consensus [1] Group 2 - Senator Bill Hagerty warned that if the House returns a different version of the bill, it could lead to a more complex situation and potentially derail the legislative effort [2] - Despite the challenges, some Republican senators believe that stablecoin legislation could have positive effects, including potentially reducing the federal deficit, as the total market value of stablecoins in the U.S. is approximately $256 billion [2] - Treasury Secretary Becerra noted that increased demand for stablecoins could lower government borrowing costs and help curb national debt [2]

数字洪流中的定海神针：揭秘稳定币 的底层逻辑 长江证券研究所计算机研究小组 2025-06-20 %% %% %% %% research.95579.com 1 分析师 宗建树 SAC执业证书编号：S0490520030004 SFC执业证书编号：BUX668 分析师及联系人 证券研究报告 • 证券研究报告 • 评级 看好 维持 %% %% %% %% research.95579.com 2 01 引入：稳定币基本概念&分类 02 拆解：主流稳定币运作原理&技术实现 03 当下：为什么稳定币在此刻爆发 04 展望：未来稳定币发展有望提速 目 录 %% research.95579.com 3 01 引入：稳定币基本概念 &分类 %% %% %% %% research.95579.com 4 01 什么是稳定币？谁可以发行稳定币？ 资料来源：香港立法会，长江证券研究所 %% %% %% %% research.95579.com 5 ➢ 2025年5月21日，香港立法会正式通过《稳定币条例草案》（以下简 称《草案》），为稳定币提供了完整的监管框架。接下来待行政长官 签署并在宪报公布后，文件将正式生效。据香 ...

Group 1 - The core point of the article is the growing interest in stablecoins due to the upcoming implementation of the Hong Kong Stablecoin Regulation and the recent IPO of a stablecoin company in the US, which has seen its stock price rise significantly [1][2][90]. - Stablecoins are a type of cryptocurrency that is pegged to a fiat currency, providing stability in value, which has led to their increased adoption in the cryptocurrency market [49][55][66]. - The emergence of stablecoins was driven by the need for a reliable medium of exchange in the cryptocurrency space, especially after regulatory crackdowns on direct fiat-to-crypto transactions [66][94]. Group 2 - The article discusses the historical context of stablecoins, noting that they gained popularity after 2017 when traditional fiat channels for purchasing cryptocurrencies were restricted [66][94]. - The lack of regulatory oversight initially allowed for rapid expansion of stablecoin issuance, leading to concerns about the adequacy of reserves backing these coins [71][73]. - Recent enforcement actions against stablecoin issuers highlight the need for clearer regulations to ensure compliance and protect investors [82][86]. Group 3 - The article mentions that large institutions are now investing in cryptocurrencies and require stablecoins for transactions, emphasizing the importance of regulatory clarity for their participation [88][90]. - The Hong Kong Stablecoin Regulation is seen as a significant step towards legitimizing stablecoins as a financial service, encouraging more companies to engage in the market [94][97]. - There is speculation that stablecoins could play a role in alleviating the US debt crisis by indirectly supporting the purchase of US Treasury bonds through their backing [99][102].

Germany - The German Ministry of Finance has issued new regulations regarding the taxation of specific crypto assets, replacing the previous version from May 2022 [4] - The new regulations introduce detailed compliance obligations, including tax reporting, collaboration, and record-keeping requirements [5] - The regulations clarify the tax treatment of passive staking income and the criteria for determining transaction value, while non-fungible tokens (NFTs) and liquidity mining activities are currently excluded from these regulations [6] Australia - The Australian government has announced a two-year freeze on beer excise tax rates, halting tax increases on draft beer, which is beneficial for beer drinkers, brewers, and the hospitality industry [11] - Historically, beer excise tax rates have increased twice a year in line with the Consumer Price Index (CPI), with an 8% increase over the past year [11] - The government is also raising the excise tax exemption cap for eligible alcohol manufacturers to AUD 400,000, effective July 1, 2026 [11] Brazil - The Brazilian government has proposed a bill to adjust personal income tax policies, expanding the tax-exempt range for low-income earners and increasing tax burdens on high-income individuals [14] - The bill aims to raise the tax-exempt income threshold for low-income individuals to BRL 5,000, up from BRL 2,824, with full exemption for those earning below this threshold [14] - If approved, non-resident individuals receiving dividend income will be subject to a 10% withholding tax, and high-income earners will face an additional tax on exempt income, potentially raising their effective tax rate to 37.5% [15][16]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]